Published
OnlineLand-BasedFinancial

Galaxy Gaming Q1 2022 revenue up 38%

Galaxy Gaming has reported revenue of $5.9m for the first quarter of 2022, a 38% increase from the prior-year period.

galaxy gaming q1 2022 gi web image
Listen To Article

The group noted that adjusted EBITDA increased by 58% year-on-year to $2.7m, compared to $1.7m in Q1 2021. Cash increased by 7% to $17.2m, while total long-term debt decreased from $60.5m to $60.2m.

“We got off to a good start for 2022,” said Galaxy Gaming President and CEO Todd Cravens. “Even though some of our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7m in the quarter. In the land-based sector, our new baccarat games are being well-received.

“Our iGaming business continues to grow, with iGaming gross revenues of $2.8m in Q1, an increase of 58% from Q1 2021 and 35% from Q4 2021. In both the land-based and iGaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”

The developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content recently launched its new table game progressive operating system, Triton Casino Systems, building on its precursor, the Bonus Jackpot System.

Galaxy Gaming CFO Harry Hagerty commented: “We expect to continue to build cash over the course of the year to keep net leverage as low as possible. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at quarter-end.”

Premium+ Connections
Premium

PIN-UP Partners

 
 
Premium

Imagine Live

 
Premium

Lynon

 
Premium

Revsharks

 
Premium

Digitain

 
Premium

GammaStack

 
Premium

Galaxsys

 
Premium

Sport Generate

 
Premium

RISK

 
Premium

1xBet Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...